MFG

Alphabet is planning its first yen-denominated bond sale across up to eight maturities (3 to 40 years), expected to total several hundred billion yen, to help fund $190 billion in AI capital expenditure guided for 2025. The deal, managed by Mizuho, Bank of America, and Morgan Stanley, is part of a broader currency diversification strategy alongside existing euro, sterling, and other non-dollar issuances. Amazon is separately preparing its first Swiss franc bond offering, reflecting a sector-wide shift toward overseas debt markets to finance surging AI infrastructure costs.